Saudi Rise Boosts May OPEC Total

Saudi Arabia increased its production by 50,000 b/d in May to 9.71mn b/d, maintaining a seasonal uptick in output as its summer peak domestic demand season dawned. The rise in Saudi output took total OPEC production to 29.91mn b/d for May, according to a MEES survey of OPEC output. This is just short of the 30mn b/d target that has been in place since January 2012 and compares with total output by all 12 members of 29.76mn b/d in April. The unofficial ceiling was renewed again on 11 June, when OPEC ministers met in Vienna to review output policy for the second half of the year. (CONTINUED - 855 WORDS)

DATA INSIDE THIS ARTICLE

table OPEC Well-Head Production (Mn B/D, MEES Estimates)